The Real Deal New York

NY REIT sells one of its final Manhattan office holdings

Liquidating company is selling 306 East 61st Street to JMC Holdings
December 18, 2017 10:00AM

New York REIT’s Wendy Silverstein and 306 East 61st Street (Credit: Google Maps)

New York REIT’s everything-must-go sale is in full force.

The company is selling its building at 306 East 61st Street to JMC Holdings for about $47 million, according to Crain’s. The 82,000-square-foot seven-story building is one of the last properties left in New York REIT’s formerly large portfolio and is known as the Interior Design Building due to its several tenants working in that industry. New York REIT picked up the property in 2010 for $32.7 million in 2010.

New York REIT is liquidating its holdings in the wake of an accounting scandal at American Realty Capital Properties, which previously controlled New York REIT, and an activist shareholder campaign encouraging the firm to monetize its assets. It began this process over the summer by selling 50 Varick Street to Estate Four for $135 million. Subsequent deals have included a pair of office properties in Midtown South to Columbia Property Trust for $515 million, a pair of buildings in the Garment District to a Brickman and Investcorp partnership for $155 million, and a West 34th Street office building to Brookfield Property Partners for $255 million.

Cushman & Wakefield’s Adam Spies and Doug Harmon represented the seller in the deal.

New York REIT, led by former Vornado Realty Trust executive Wendy Silverstein, next plans to sell a strip mall in Brooklyn at 1100 Kings Highway, according to Crain’s. [Crain’s]Eddie Small